New Lending Services Price Index, first quarter 2014
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Released: 2014-07-11
The New Lending Services Price Index rose 0.4% in the first quarter, following a 1.1% increase in the previous quarter.
The index was down 6.8% in the first quarter compared with the same quarter in 2013. Recent changes in the index are driven primarily by changes in yields on long-term Government of Canada securities.
Chart 1
New Lending Services Price Index
Note to readers
The New Lending Services Price Index (NLSPI) is not an index of loan rates paid by consumers and businesses, but represents the change in the price of service. Prices are derived as the difference between annual percentage rates for new loan products and averages of yields on financial market instruments. The variables used to derive the prices are weighted annual percentage rates for new lending services, funds advanced by product, and market rates. The NLSPI is a monthly index that is disseminated on a quarterly basis.
New lending services include newly issued funds for personal loans, lines of credit, mortgage loans, business loans, and leases. These data are combined with other data to estimate a price for new lending activity. Lending is one of the many services provided by the banking industry and this is the first in a suite of financial service indexes to be published. This index will provide better estimates of real output, productivity and price change in financial services in Canada.
With each release, data for the previous quarter may have been revised. The series is also subject to an annual revision with the release of second quarter data of the following reference year. The index is not seasonally adjusted.
For a more detailed explanation of the methodology please refer to the NLSPI Methodology Summary Document.
The New Lending Services Price Index for the second quarter will be released in October.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (613-951-4636; statcan.mediahotline-ligneinfomedias.statcan@canada.ca).
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